Chemrez Technologies posts flat income growth amid higher revenues

MANILA, Philippines - Listed firm Chemrez Technologies, Inc. on Thursday said its consolidated income was flat in the nine months ending in September but revenues climbed on the back of the surge in sales of its environment-friendly chemical products. Chemrez Technologies said its unaudited consolidated net income from January to September stood at P359.4 million, 1.6 percent higher than the profits it booked in the same months last year. The company said consolidated revenues rose 29.5 percent due to higher sales of its "Green Chemistry" products, which use renewable sources of raw materials and engineered products with low toxicity. Chemrez said its growth was registered mainly in the domestic market due to the high volume of its coco-biodiesel sales. By the end of the year, Chemrez expects to supply as much as 65 percent of the national requirement for coco-biodiesel with the implementation of the Biofuels Act. Chemrez is also a leading supplier of key ingredients for detergent and soap production in the Philippines. - GMANews.TV